Bank of England (BoE)
BoE researchers posit dual model of interbank markets
Working paper separates exposures from funding to show the two parts of the interbank market have different structures; large ‘core’ banks present contagion risk
BoE paper says loan fair value techniques come with 'health warnings'
Researchers say it is unlikely that any one technique will capture all relevant aspects of valuation across all types of bank loans
People: BoE poaches IMF researcher; Nigeria's central bank deputy stands down
Michael Kumhof leaves the IMF to join the Bank of England as senior research advisor; Kingsley Moghalu leaves the Central Bank of Nigeria after five years; and more
New payments regulator in UK may have uneasy relationship with BoE
Treasury committee highlights potential for conflicting objectives between newly formed payments regulator and the Bank of England; Tyrie says independence ‘pretty heavily circumscribed’
Central banks weighing the benefits of bitcoin
Digital or ‘crypto’ currencies are controversial among central banks, but some see merits in their use and a few may even issue their own; more digital currency innovation likely in future
BoE officials defend use of labour market data in policy-making
Mark Carney and other top officials say labour market data quality is variable but always carefully examined; central bank may publish details of agents’ assessment of the economy
BoE picks Deloitte to review RTGS failure
Consultancy firm to conduct investigation into outage in real-time gross settlement system that saw system break down for several hours
BoE’s Taylor defends complexity of leverage ratio plans
External FPC member says countercyclical leverage ratio may be more complex than a flat rate, but allows the Bank of England to be less heavy-handed with the rule and avoid perverse incentives
Top EU court should dismiss UK bonus cap plea, says advocate general
Opinion rejects UK’s main legal challenge to EU bonus cap law and argues use of word ‘cap’ is misleading; UK Treasury says opinion ‘demolishes’ case for fixed ratio
BoE’s Forbes says financial ‘deglobalisation’ has upside
Kristin Forbes highlights ‘massive contraction’ in global bank flows as main factor reversing financial globalisation, resulting in both positive and negative effects on the UK economy
Robert Pringle’s Viewpoint: Time to cure central bankers’ deflation phobia
The policies followed since the ‘great crisis’ have not succeeded in restoring confidence. It is time to try a different approach
UK bank reforms may be ‘diluted’, warns parliamentary commission
Former members of the Parliamentary Commission on Banking Standards warn regulations are at risk of being misinterpreted, diluted by lobbying, or applied incorrectly
BoE to challenge orthodoxy with research ‘revolution’
More combative approach to Bank of England’s research will see economists challenge orthodoxy – including the central bank’s own policies – as often as they support it, says Andrew Haldane
Carney dismisses call for helicopter money
Bank of England governor says he ‘cannot envisage any circumstance’ where direct central bank financing of government debt would be justified – but some central banks may already be doing it
Carney: Inflation ‘likely’ to drop below 1%
Bank of England signals rates firmly on hold into 2015 as probability rises of inflation falling below 1% in the short run; real wage growth likely to accelerate over the year
Chief currency dealer dismissed from Bank of England
Grabiner report unveils transcripts of conversations between BoE's Martin Mallett and market participants discussing 'matching off' trades; BoE says dismissal unrelated to FX investigation
People: Mark Carney reappointed as FSB chair; Bank of Portugal names new head of supervision
Governor of Bank of England gets second term as chair of the Financial Stability Board; Bank of Portugal appoints three new people in banking prudential supervision department; and more
BlackRock chairman warns Carney over low rate environment
Laurence Fink tells senior central bankers at Banque de France symposium that private institutions could ‘refuse to lend’ if rates remain low; Carney questions claim
UK launches probe into banking sector competition
Investigation will assess whether retail banking market is too concentrated, with barriers to entry and opacity under scrutiny
BoE deputies suggest refinements to EU law-making
Andrew Bailey and Jon Cunliffe say the European Union has room for improvement when it comes to efficient, effective legislation
Bank of England proposes three-pronged leverage ratio
Financial Policy Committee recommends ‘supplementary leverage ratios' for UK's biggest banks and wants power to set them from 2016
Haldane laments poor grasp of international monetary system
BoE chief economist says regulators have paid insufficient heed to the global financial system as a whole; wants ‘Star Trek chair’ from which to survey the landscape
BoE’s Cunliffe says odd behaviour of labour supply demands caution
Deputy governor points to possible ‘shift in the psychology’ of workers who have come to accept low pay, which he says calls for the central bank to be cautious about raising rates too soon
Bank of England seeks global consensus on ‘fair and effective’ markets
Review aims to fix outstanding issues with market structure and conduct; Minouche Shafik says the central bank is working with others globally to build a consensus